Daily Forex Technical & Fundamental Analysis: 29.07.2011

Dear Trader
The dollar fell against the Japanese yen and dropped against the euro during Asia session, after U.S. lawmakers delayed a vote on a plan to raise the debt limit to avert a default, boosting demand for refuge currencies.
The euro dropped after Spain's Aa2 ratings were placed by Moody's on review for possible downgrade, aggravating euro debt worries especially after Italy sold 10-year bonds at the highest yields in 11 years on Thursday. Therefore, expectations for higher interest rates by European Central Bank are decreasing as a sovereign-debt crisis is spreading among European nations.

MBCFX Forex & CFDs Brokerage Firm